Will bankruptcy stop a tax levy or distraint warrant?

Yes. The automatic stay prohibits tax agencies from continuing the collection of taxes. This means they must release tax levies, distraint warrants, and stop the seizure of any of your assets. If you have equity in assets and the IRS has filed a lien, Chapter 13 bankruptcy can be utilized to satisfy the IRS lien through structured payments or take the time you need to sell the property at a fair price.

Category: Bankruptcy and Tax

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